Chapter 51, Identifying customer needs: Market research

Question 1

Market Research

Answer 1

A systematic, objective collection and analysis of data about a particular target market.
used to:
- describe the market
- explain the market
- predict changes in the market
- investigate the reaction of consumers in the future

Question 2

Quantitative research

Answer 2

Concentrates on the collection of facts and statistical numerical data

Question 3

Qualitative research

Answer 3

concentrates on subjective opinions

Question 4

Primary research methods

Answer 4

• interviewing
• surevys and questionnaires
• observation
• consumer panels
• Focus groups
• Trial marketing

Question 5

Interviewing

Answer 5

lots of opinionative info can be extracted easily and accurately. however, it can be time-consuming and therefore expensive

Question 6

Surveys and Questionnaire

Answer 6

a quick, economical way of gaining opinions

Question 7

Observations

Answer 7

watching the consumers use a product offers good insight in situations where other methods cant because such as children’s toys

Question 8

Consumer panels

Answer 8

samples of new products are sent to panel members who fill out forms to gauge their responses to the products

Question 9

Focus Groups

Answer 9

usually, consist of about 8 - 10 people who offer various stimuli and their responses are recorded

Question 10

Trial Marketing

Answer 10

Trialing new products to see how quickly their are received by consumers

Question 11

Secondary Research methods (internal)

Answer 11

• Sales/data figures
• previous survey results
• customer information
• company reports

Question 12

Secondary Research methods (external)

Answer 12

• Market research companies
• The internet
• Trade publications
• Newspapers and magazines
• competitors